yen rupee daily chart technical analysis
yen rupee spot pair last closed at 63.74 with loss.on daily chart yen rupee week average is 64.2 while 64.9 is month average and both remain as immediate resistances on daily chart.above that 68 and 71 are strong resistances of previous tops and bottoms.
on downside 62.7 is 3 month average level and strong support for now.below that expect downtrend for yen with short term view.
on indicators on daily chart,shows rsi level is 50 and near downside breakout .while cci is –83 and formed bearish divergence.
yen rupee weekly chart technical analysis
yen rupee this week closed with heavy loss as rupee appreciated.this was second week of losses.in these 2 weeks tumbled from 69 to 63.this week yen rupee high point was 65.6 while low was near 62.89.total 2.5 rupee downside which is almost 4% downside move for yen.
yen rupee major average zone is 61 and very important level from medium to long term view.below that expect downtrend for yen while for now going through deep correction.
weekly chart indicators,rsi level is 54 and off the highs while cci is coming down from overbought zone and formed bearish divergence.
yen rupee forecast for 16 to 20 sep 2013
for next week,yen rupee may touch 62.5 on downside and if close below that then expect another breakdown for 4-6% downside.below 62.5 yen has major support at 61 and 58 and that levels will be also remain as target on breakdown.
from medium to long term view,yen rupee going through deeper correction which has eventual target at 61.watch that if fall below that and given weekly closing then confirm downtrend and 58-56-54 remain as target in that scenario.while any rebound from 61 will be fresh investment opportunity for long term traders.